You know, I’ve been thinking about how things just keeping happening anyhow in this country, and it just feels like we’re always running in place when we should me moving forward. It’s not just about money, really. It’s about something deeper, something that touches everything we do, from the small Aboki kiosk for area, to the big companies that are supposed to bring jobs, then it now makes sense when Peter said Rule of Law is an intangible asset.
Imagine playing a game where the rules keep changing, or where the Ref has a favorites, or where someone can just kick you in the face without anyone doing anything about it. Would you even want to play?
Well, that’s kind of how our economy works. When we have clear rules that everyone follows, and when those rules are actually enforced, good things happen.
Foundation for Stability: The rule of law provides the essential foundations for a stable economy by recognizing and enforcing property rights. When individuals and businesses trust that their assets and contracts are protected, they are more likely to invest and participate productively in the economy.
Investment Climate: Secure property rights and predictable legal frameworks attract both domestic and foreign investment. Investors seek environments where their capital is safe from arbitrary seizure or corruption, and where disputes can be resolved fairly and efficiently. Peter Obi said it plainly: “no business will thrive and no investor will like to invest because you cannot challenge the government when anything goes wrong and if you eventually go to court, you cannot get fair judgment.”
Labor Motivation: When rights are protected and justice is accessible, labor resources are motivated to work, innovate, and contribute, knowing they will reap the rewards of their efforts. When you know your hard work will actually pay off, and not just be snatched by someone else or wasted because of crooked deals, you’re more likely to really put in the effort. If being good at your job doesn’t matter, and it’s all about who you know or who you can bribe, then what’s the point?
What Happens When the Rules Go Out the Window?
Now, flip that coin. What happens when the rules are a mess, or when they’re only for some people, or when the people in charge don’t care about them? That’s when things really fall apart.
Investor Reluctance: Without the rule of law, investors, both local and foreign, are hesitant to commit resources. This is a big one. Why would anyone put their hard-earned money into a business here if they’re afraid it could be taken from them or destroyed, like the Landmark Group, or that a contract they signed won’t mean anything? They’ll just keep their money under their mattress, or send it somewhere else.
Businesses hide or leave: When things are chaotic, good businesses find it hard to breathe. They either have to operate in the shadows, which isn’t good for anyone, or they just pack up and leave, we know how many has left in the last 5 years. And when businesses leave, jobs leave too.
Why bother working hard? It’s demoralizing. If you see people getting ahead by cheating or by knowing the right person, and your own hard work doesn’t count for much, why would you strive for more? As someone once said, corruption “kills professionalism and hard work.” It makes you feel like your effort doesn’t matter, and that’s a tough pill to swallow.
We all buy less, so the economy shrinks: When people are scared, when they don’t have good jobs, they don’t spend as much. And when we don’t spend, businesses don’t sell as much, and the whole cycle of growth just grinds to a halt. Lete quote Peter Obi again; “it’s very difficult for businesses to survive and exist in Nigeria because of insecurity and no respect for the rule of law. We cannot talk of development when both international and local investors cannot have an enabling environment to do business.”
It’s All About Trust
At the end of the day, it comes down to trust. Trust that the laws are fair, trust that they’ll be applied to everyone, and trust that if you’re wronged, you can get a fair hearing. When our courts aren’t independent, when corruption is everywhere, it’s not just big businesses that suffer. It’s us, the everyday people, who get hit the hardest. It breaks down the very fabric of how we live and work together.
So, when we talk about making our economy better, it’s not just about fancy plans or big loans. It’s about getting back to basics. It’s about making sure the rules are clear, that they’re followed, and that everyone plays by them. That’s the only way we’ll truly see things grow and get better for all of us. Don’t you think so?